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Presenting the New Not-For-Profit Financial Statement: Presentation of Operating Cash Flows & Investment Returns
Posted by Michelle Spriggs on Mon, Oct 31, 2016 @ 03:53 PM

In August 2016, the Financial Accounting Standards Board (FASB) finalized its guidance for the presentation of financial statements for not-for-profit organizations. The modifications take effect for fiscal years beginning after December 15, 2017 (i.e., years ending December 31, 2018, June 30, 2019, etc.).

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Topics: financial statements, Non-profits, Cash Flow Statement, Michelle Spriggs, NFP

Presenting the New Not-For-Profit Financial Statement: Net Asset Classes & Governing Board Restrictions
Posted by Michelle Spriggs on Mon, Sep 26, 2016 @ 06:28 PM

Not-for-profit financial statements will receive a significant overhaul with the release of the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. The ASU brings several changes, including the consolidation of net asset classes and enhanced disclosures regarding those net asset classes and governing board designations. In the second part of our series, we’ll look at these changes in more detail.

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Topics: financial statements, Non-profits, Michelle Spriggs, NFP

Presenting the New Not-For-Profit Financial Statement
Posted by Michelle Spriggs on Mon, Aug 29, 2016 @ 06:10 PM

Major changes to not-for-profit organizations’ financial statement presentation were recently finalized with the issuance of the Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities.

Designed to enhance and clarify the information provided in a not-for-profit’s financial statements, the accounting standards update makes changes to the guidance for net assets classification, governing board designations, investment return, underwater endowment funds, expenses, liquidity and presentation of operating cash flows.

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Topics: financial statements, Non-profits, Michelle Spriggs, NFP

Not-for-Profit Financial Statement Presentation Changes Update
Posted by Michelle Spriggs on Sun, Nov 15, 2015 @ 11:00 AM


For the past three years, the FASB has been evaluating how to streamline the financial reporting model used by not-for-profits and health care entities. In 2015, the FASB published the long-awaited exposure draft that included the following proposed changes to the NFP Financial Reporting Model: reducing the number of net asset classes from three to two, modifying the statement of activities including a requirement to present an intermediate measure of operating performance, and changing the presentation of cash flows. The Exposure Draft also called for enhanced disclosures by not-for-profit organizations about their liquidity.

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Topics: financial statements, Non-profits, FASB, Michelle Spriggs, NFP

Best Practices in the Financial Statement Reporting Process
Posted by Brent Wilson on Tue, Oct 28, 2014 @ 11:45 AM

Your not-for-profit’s financial statements are used for more than just meeting compliance standards. Financial statements provide your board and the general public with an inside look at the financial stability of your organization. From reporting revenue and expenses to a description of your organization’s purpose, your financial statements speak to how your organization fulfills its mission.

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Topics: Brent Wilson, financial statements, disclosures

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